Fidelity International-backed OSL, a digital-assets platform, is the latest crypto firm to cut jobs, Bloomberg News reported.
The Hong Kong-based company is cutting costs by about 30%, including “headcount reduction” as a result of “current market conditions,” Hugh Madden, CEO of OSL’s parent company BC Technology Group, said in a statement on Tuesday.
The exact number of positions eliminated was not disclosed.
Last week, Crypto.com and Coinbase each cut 20% of staff. Genesis, Huobi and Silvergate have also announced layoffs this month.
In 2022, OSL cut 15% of its workforce, between 40 and 60 people.
Update: This story was updated to reflect Fidelity’s full name.
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Source: https://www.theblock.co/post/202765/fidelity-backed-osl-latest-crypto-outfit-to-slash-workforce-bloomberg?utm_source=rss&utm_medium=rss